Portfolio
TII has made remarkable progress over the course of the past 24 months in streamlining our operations, repositioning our core investments, controlling expenses and restructuring our debts despite the turbulence in the world and regional markets.
We finalized our restructuring plan enabling us to shift our focus to managing the growth of our portfolio of businesses and supporting them. Our key businesses are growing satisfactorily and most of them moved into profitability with double digit annual growth rates and with very promising potentials. Emerging markets however, have continued to out-perform advanced economies and they continue to reap the benefits of strong public finances, with yields supported by strengthening currencies and improved credit ratings. TII’s primary assets and key investments are in emerging markets (i.e. Turkey, Malaysia, Singapore and the GCC).
Our Asia Retail Business, “COURTS”, is head-quartered in Singapore. “COURTS” is the leading player in the consumer electronics, appliances, and furniture and home furnishings retail market in Singapore and Malaysia. The company’s strong performance was reflected in its profitability and growth for the year which exceeded analysts’ expectations by over 30%. This was achieved by the continued efforts of the management and staff to improve and widen the product portfolio, while building on a strong brand equity, and improving the store network.
Turkey, where we have our operational fleet leasing business “FleetCorp”, is seen as one of the most interesting and promising emerging markets currently. Its sovereign rating has been raised, and it has weathered the financial crisis robustly. FleetCorp is a top quality player and one of the most reputable operational fleet leasing businesses in the country. It has led with very strong alliances & partnerships locally and internationally, and a management team that is among the best in that industry. We have implemented a world class operations and processing platform to improve productivity and customer service which is delivering strong growth and profitability.
“PROCCO” is our global niche player specializing in loyalty, prepaid, payment and instalment card services. Providing patented solutions for instalment payments on credit cards and speciality Islamic instalment & payment credit card solutions for the Islamic financial services industry, its solutions can be operated on bank or merchant proprietary cards or on universal payment cards such as VISA. The card issuer is able to offer its clients credit that can be repaid in fixed instalments, and with a choice of maturities which their client chooses either at the point of sale, or via the web if that delivery is used. PROCCO solutions are currently running with two Islamic Banks in Bahrain and the UAE, and one non-bank financial operator in Kuwait. The company also operates a leading regional platform for loyalty and prepaid cards used by major regional players like EMMAR (UAE) and MOVENPICK Hotels (GCC). We continue to invest in PROCCO and expect it to move to profitability in the near future.
TII is a very different company today than when it started out in 1992. It has moved from fee based investment banking to owning and managing a private portfolio of high growth speciality businesses. It is better diversified in terms of risks, type of businesses, industry, sectors and geography and its growth story will be unconventional and exciting as it unfolds in the years to come.